Paymentworld Europe upgrades core banking system to Oracle

Local Fintech company, Paymentworld Europe Ltd, has upgraded the software powering several of its payment services to Oracle Flexcube, a market-leading core banking system used by global banks like Citigroup Inc., HSBC, and Wells Fargo & Company.

The new system went live last Monday with the transition going smoothly without any critical defects.

The implementation and training process has taken around a year and involved decommissioning and replacing the company’s previous banking system.

Jens Podewski, co-founder and CEO of Paymentworld Europe Ltd., explained that “this development represents a significant investment from the company that will improve operational efficiency, reduce time to market for upcoming products, and it also greatly expands our Open Banking capabilities. This is a very exciting and important milestone for the company”.

In conjunction with the implementation of Oracle, the company has rebranded its online payment account service, IBAN4U, with a fresh visual identity and website (www.iban4u.com).

IBAN4U, now powered by Oracle Flexcube, is a business payment account targeted at foreign companies who want to avoid bureaucratic banks and open an account quickly.

Stefan Haenel, co-founder and CFO, said the company was very pleased with how IBAN4U had been received last year by its local and European partners.

“Because of its success, we are doubling-down on our strategy to push this product in the uropean market,” he said. “A proven core system like Oracle and a new, modern brand provide us with a great platform to move forward and expand our business substantially.”